“The companies we identify as allocations for our fund are leaders in their verticals. Generally speaking, getting behind leaders tends to result in better outcomes over time”
Stephen Luongo,
Air Asset Management
“In many cases, just implementing cross-business opportunities with their cornerstone investors can create tens if not hundreds of billions of valuation”
Richard Beleutz,
Air Asset Management
“If there’s an M&A event, fantastic. If there’s an IPO, fantastic. But that’s not what we’re waiting for. We’re waiting for the right time, where we’ve built the value to exit that particular position”
Glen Anderson,
Rainmaker Securities
In Partnership with
Getting private AI exposure right: entry, timing, and exit
For AIR Asset Management, the opportunity lies beyond access − in separating durable leaders from expensive ones and finding liquidity on both sides of the trade
Read on
Richard Beleutz
AIR Asset Management
Stephen Luongo
AIR Asset Management
Industry experts
SOME OF the most coveted companies in artificial intelligence may be years away from the public markets.
IPOs are happening later and at larger valuations, according to PitchBook and CB Insights data,1 while secondary markets have made shares in private companies easier to trade before a listing.
demonstrated product traction, attracted substantial capital, and built strategic relationships that may be difficult for newer competitors to replicate.
Luongo acknowledges that it is easy to lose in a market crowded with confident forecasts: no investor can know with certainty whether a private share is being bought too late.
“The companies we identify as allocations for our fund are leaders in their verticals,” Luongo says. “Generally speaking, getting behind leaders tends to result in better outcomes over time.”
That approach reduces some of the uncertainty associated with earlier-stage companies, but it also narrows the room for error on valuation. By the time those advantages are visible, they are usually visible to everyone else too.
Early investors no longer have to wait for an IPO to sell, and new investors no longer have to wait for one to buy. For financial advisors trying to position clients ahead of the next wave of AI value creation, that structural shift is either the opening or the trap, depending entirely on how it is handled.
By the time a private company is large enough to draw institutional interest, a lot of its success is already public knowledge. The investor arriving through the secondary market may be buying from someone who got in years earlier.
Richard Beleutz, Stephen Luongo, and Glen Anderson recently joined InvestmentNews to discuss how AIR is approaching private AI companies from entry price through to eventual sale, including the role secondary markets can play on both sides of the trade.
The problem with arriving after the story is obvious
AIR is deliberately moving further along the maturity curve, favouring businesses that have already
AIR is trying to offset some of that risk through the way the portfolio is constructed. The fund holds 10 positions, spread across foundational models, infrastructure and data, and applications. Valuations in the infrastructure layer have held firm against sustained demand while equity values elsewhere have moved differently.
The point is less about achieving neat diversification across three buckets than about recognizing that the economics are already beginning to separate. Infrastructure valuations, for example, have held up against persistent demand even as equity values elsewhere in the AI stack have moved differently.
“You have a real-life experience where some of these verticals
hold up versus another,” Luongo says. Even within the same foundational vertical, the divergence in perceived relative valuations among names approaching the market has made the case for holding more than one position. “It does make sense to hold two different names, even if they’re in that same vertical.”
Some of those 10 names will appear in every competitor’s portfolio. AIR’s advantage isn’t a differentiated shortlist − it’s differentiated access: sourcing, timing, and price visibility built through the fund’s secondary-market relationship with Rainmaker.
Pricing discipline across all of them runs through Rainmaker’s order book. “We have visibility into two-way price flow that we think is better than others,” Luongo says.
Anderson highlights the scale behind that: Rainmaker carries between two and three billion dollars of private share liquidity at any given moment, with comparable demand on the other side. When Anderson founded the firm, only a handful of private names had any tradable liquidity at all. “Now there are 1,000 unicorns that are traded,” he says.
When AI valuations meet the reality of exit timing and liquidity constraints Rainmaker’s depth matters at both ends of the investment. The secondary market used to establish a position can also provide the route out, without AIR having to build its holding period around an acquisition or public listing.
“If there’s an M&A event, fantastic. If there’s an IPO, fantastic. But that’s not what we’re waiting for,” Anderson says. “We’re waiting for the right time, where we’ve built the value to exit that particular position.”
A position can instead go back into the same private secondary market it came from once AIR believes the investment case has
played out. That gives the manager more control over timing, although not over price. Secondary liquidity can widen the exit options without making a private security behave like a listed stock. A buyer still has to be found at a level AIR is willing to accept.
That gap between control and certainty is also why the value carried on the fund’s books needs to be treated carefully. Reported NAV will generally reflect the last priced financing round or an observed market transaction, neither of which guarantees the amount ultimately realized.
“A reported net asset value is not the same as a realized exit and a realized return,” Beleutz says.
AIR is trying to contain some of that uncertainty through stage selection. Rather than reaching deep into the venture market, it is concentrating on companies closer to the end of their financing arc, where another liquidity event may be nearer and more is known about the business itself.
capital, and strategic relationships with companies including Meta, Google, Amazon, and Nvidia. Those connections can provide customers, distribution, and commercial opportunities that newer competitors must build from scratch.
“In many cases, just implementing cross-business opportunities with their cornerstone investors can create tens if not hundreds of billions of valuation,” Beleutz says.
Scale can also change the competitive equation in a direction that favours incumbents rather than challengers. An emerging rival does not necessarily have to displace an incumbent.
“Today’s market leaders are likely to become tomorrow’s consolidators,” Beleutz says. “Rather than being displaced, these competitors typically acquire, integrate, and scale the up-and-comers.”
He points to Facebook’s acquisition of Instagram, an illustration of the options available to a well-capitalized incumbent when a challenger emerges.
For advisors, this is perhaps where the private AI proposition becomes more demanding than its public-market counterpart. An allocation is not simply an early claim on a company that may one day list. Entry price, the durability of competitive advantages, and the eventual route to liquidity are bound together from the beginning.
The sheer amount of money flowing into AI makes
finding enthusiasm easy. The hyperscalers have been bid up. The chip names have been bid up. “Where do you put your money if you want to be exposed to AI?” Anderson says. “It’s the private markets. That’s where the money hasn’t caught up with the opportunities.”
GROWTH BY THE NUMBERS
12–14 years
AIR Asset Management is a diversified alternative investment firm founded in 2014 and headquartered in Chicago. With approximately $750 million in assets under management, AIR specializes in strategies across life settlements, annuities, private credit, and private equity, seeking differentiated, non-correlated returns through deep industry expertise and a vertically integrated platform. The firm serves institutions, RIAs, family offices, and high-net-worth investors seeking capital preservation, income, and uncorrelated growth.
Richard Beleutz is the founder and chief executive officer of AIR Asset Management, where he sets the firm’s strategic direction and leads its expansion across private markets − including private equity, private credit, and the firm’s new pre-IPO AI strategy. He brings more than 30 years of investment experience and has closed over $1 billion in transactions, with deep expertise in private equity and investment banking and an operating background as a former principal of three funds. Beleutz has built a track record of sourcing and structuring differentiated private-market opportunities. He holds a bachelor’s degree in economics from the University of Michigan and Series 7, 9, 10, 24, 63, and 79 registrations.
AIR Asset Management
Richard Beleutz
Stephen Luongo is the chief investment officer of AIR Asset Management, where he leads portfolio construction and risk management across the firm’s private-market and alternative investment strategies. He brings more than 40 years across capital markets, alternatives, and portfolio management, with a career spent building and overseeing institutional private and alternative investment portfolios. Luongo previously served as managing director at Peregrine Asset Management, where he oversaw multi-advisor investment funds, and as managing partner at Columbus Global Advisors. His focus today is disciplined diversification and risk management across private-market opportunities, including the firm’s pre-IPO AI strategy.
AIR Asset Management
Stephen Luongo
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Published September 21, 2026
Glen Anderson is co-founder, chief executive officer, and president of Rainmaker Securities, which he launched in 2010. He oversees the firm’s strategic operations, including sales, marketing, and revenue, as well as its regulatory and legal functions. Anderson brings nearly three decades as an institutional equities professional, with prior roles at Oppenheimer & Co. and Jefferies & Co., covering the mobile device, telecom infrastructure, enterprise networking, and digital media sectors. Earlier in his career, he worked in venture capital in Europe and the hedge fund industry in Chicago. He holds a bachelor of science degree from Oregon State University and an MBA from the University of Chicago Booth School of Business.
Rainmaker Securities
Glen Anderson
Glen Anderson
Rainmaker Securities
Median age at IPO today, versus roughly four years in the 1990s − evidence that companies are remaining private longer than ever
Sources: Jay Ritter / University of Florida IPO database; Apollo
$220–$240B
Estimated global secondary-market volume in 2025, representing 40%+ year-over-year growth; activity is projected to exceed $250 billion in 2026
Sources: William Blair; Evercore; Jefferies
~48% of unicorn value
AI companies represent approximately 37% of unicorns by count, but nearly half of total unicorn value − roughly $4 trillion of the sector’s $8.5 trillion valuation
Source: PitchBook, Q1 2026
There is a price for that greater visibility. These companies have already accumulated much of the value that comes with proving a product, attracting capital, and establishing market position. AIR is giving up some early-stage upside in exchange for a shorter path to potential liquidity and a narrower range of operating outcomes.
That puts more weight on the two judgements the strategy has to get right: the price paid on entry and the price available when AIR decides it has owned the company for long enough.
What happens when leadership changes AI leadership can be fleeting, which makes company selection particularly consequential in a private portfolio. Positions cannot be repositioned with the ease of listed stocks, and AIR has to judge whether an advantage can survive long enough to justify both the entry price and the holding period.
Beleutz places considerable weight on what some companies have already accumulated: early-mover status, deep pools of
AIR ASSET MANAGEMENT
AIR’S ACCESS, EXPERIENCE,
& PARTNERSHIP
AIR Nova combines a dedicated secondary-market sourcing capability with AIR’s institutional alternative-investment platform. The Fund’s access proposition is built on two complementary pillars.
Year founded
RAINMAKER SECURITIES
2014
Assets under management (as of March 31, 2026)
$722M
investment advisor
SEC-registered
Year founded
2004
2025 transaction
volume growth
70%
broker-dealer, SIPC member
FINRA-registered
IMPORTANT DISCLOSURES Sponsored Content This article and the accompanying video interview (collectively, the "Materials") constitute a paid advertisement arranged and funded by AIR Asset Management, LLC ("AIR"), an SEC-registered investment adviser. The Materials are presented in a format that may resemble editorial or independent journalism; however, they were commissioned, directed, and paid for by AIR for the purpose of promoting AIR Nova Fund LP (the "Fund"). InvestmentNews received compensation from AIR in connection with this placement.
Not an Offer or Solicitation Nothing in the Materials constitutes an offer to sell, or a solicitation of an offer to buy, any interest in the Fund. Any such offer will be made solely by means of the Fund's confidential Private Placement Memorandum ("PPM") and only to persons who qualify as accredited investors and, where applicable, qualified purchasers, as defined under applicable securities laws. Prospective investors should carefully review the PPM, including its discussion of risks, fees, and conflicts of interest, prior to making any investment decision.
Testimonial and Endorsement Disclosure The Materials feature statements by Glen Anderson, co-founder, CEO, and president of Rainmaker Securities, LLC ("Rainmaker"), a FINRA-registered broker-dealer and SIPC member. Mr. Anderson is not a current client or investor in the Fund.
Rainmaker Securities has a commercial sourcing relationship with AIR pursuant to which Rainmaker provides the Fund with access to secondary-market transactions in private company shares. Rainmaker receives transaction-based compensation in connection with trades executed on behalf of the Fund.
Rainmaker has a financial interest in promoting the Fund because increased fund assets and trading activity generate transaction revenue for Rainmaker. Mr. Anderson's statements regarding Rainmaker's capabilities, market depth, and pricing advantages should be evaluated in light of this conflict. Rainmaker's statements should not be construed as independent, disinterested investment advice or as an endorsement of the Fund's future performance.
Dual Registration of AIR Principals and Affiliates: Certain principals and affiliates of AIR Asset Management are registered representatives of Rainmaker Securities. As registered representatives of Rainmaker, these individuals will receive compensation — which may include commissions, transaction-based fees, or other forms of remuneration — in connection with the investment activities of the Fund, including the purchase and sale of private company shares through Rainmaker's platform. This dual registration creates a material conflict of interest: AIR personnel who make or influence investment decisions on behalf of the Fund have a personal financial interest in directing the Fund's trading activity through Rainmaker. Investors should be aware that (i) AIR's decision to utilize Rainmaker as the Fund's primary sourcing and execution partner is not the product of an arm's-length, unconflicted selection process; (ii) compensation received by AIR's principals and affiliates in their capacity as Rainmaker registered representatives is in addition to management fees and any performance-based compensation received from the Fund; and (iii) this compensation arrangement may incentivize increased trading activity or the selection of transactions that generate higher fees for Rainmaker, regardless of whether such transactions represent the most favorable terms available to the Fund. Prospective investors should evaluate the Fund's investment strategy and the role of Rainmaker in light of these conflicts. Additional information regarding these conflicts is set forth in AIR's Form ADV Part 2A and the Fund's PPM.
Statements by AIR Personnel Statements by Richard Beleutz and Stephen Luongo reflect the views and opinions of AIR's management as of the date of the Materials. These individuals have a financial interest in the Fund and AIR's business, and certain of these individuals are registered representatives of Rainmaker Securities who will receive compensation in connection with the Fund's investment activities conducted through Rainmaker. Their statements should be evaluated in light of these financial interests and conflicts.
No Guarantee of Performance Investing in private, pre-IPO securities involves substantial risks, including but not limited to: illiquidity; loss of entire investment; reliance on limited and potentially stale financial information; extended holding periods; concentration risk; and valuation uncertainty.
Past Performance To the extent the Materials reference or imply past performance — including general statements regarding private AI returns, historical market data, or the track record of AIR Asset Management or its affiliated strategies — such references are provided for informational purposes only. Past performance is not indicative of future results. No representation is made that any investor will or is likely to achieve profits or losses similar to those described or implied. The performance of other AIR strategies, prior investments, or the broader private markets asset class does not guarantee comparable results for the Fund. Differences in investment strategy, portfolio composition, market conditions, timing of investments, and fund-specific fee structures may cause the Fund's results to differ materially from any referenced or implied historical performance. The Fund is a newly formed vehicle and does not have a performance track record of its own.
Forward-Looking Statements The Materials contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding: (i) projected secondary-market volume growth and future market size; (ii) expectations concerning the trajectory of AI adoption, capital deployment, and industry growth; (iii) beliefs regarding the Fund's investment strategy, portfolio construction, and ability to source, price, and exit positions; (iv) anticipated competitive advantages of portfolio companies; and (v) any other statements that are not statements of historical fact, including those containing words such as "expect," "anticipate," "believe," "project," "estimate," "intend," "will," "may," "should," or similar expressions.
Forward-looking statements are based on AIR's current expectations, assumptions, estimates, and projections as of the date of the Materials. They are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Such factors include, without limitation: changes in market conditions, interest rates, or regulatory environments; the pace and direction of AI industry development; the timing and availability of IPOs, M&A transactions, or secondary-market exits; shifts in investor demand for private securities; changes in the competitive landscape; and macroeconomic or geopolitical events. AIR undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Investors should not place undue reliance on forward-looking statements.
Net Asset Value Disclosure The Fund's reported net asset value ("NAV") typically reflects the most recent priced financing round or observed secondary-market transaction, as applicable. NAV marks do not represent guaranteed realizable value and may differ materially from proceeds received upon an actual sale, IPO, or other liquidity event. Investors should not rely on reported NAV as equivalent to a realized return.
Market Data and Statistics Statistical references in the Materials (including IPO timing data, secondary-market volume estimates, and unicorn valuation figures) are sourced from third-party data providers as cited and are provided for informational context only. AIR has not independently verified all such data. These figures are subject to revision and should not be construed as investment advice or predictions.
Special Purpose Vehicle (SPV) Structure The Fund may obtain exposure to pre-IPO securities through special purpose vehicles ("SPVs") organized and managed by third-party sponsors or intermediaries. Investors in the Fund will bear the costs and expenses associated with such SPV structures, which may include, without limitation: formation and organizational costs; management fees, carried interest, or performance allocations charged by the third-party SPV manager; legal, accounting, and administrative fees at the SPV level; and any transfer, assignment, or facilitation fees. These layered costs are in addition to the Fund's own management fees and expenses and will reduce net returns to investors.
Investments made through third-party-managed SPVs expose the Fund and its investors to counterparty risk. The Fund's ability to realize value from an SPV-held position depends on the solvency, operational integrity, and contractual performance of the third-party SPV manager and any intermediaries involved in the transaction chain. The Fund has limited control over the operations, governance, and decision-making of third-party SPV managers, and a default, insolvency, fraud, or operational failure by any such counterparty could result in delays in receiving distributions, loss of the Fund's investment, or inability to exercise rights with respect to the underlying securities.
Securities held through SPVs may be subject to additional transfer restrictions beyond those applicable to the underlying private company shares, including contractual lock-ups imposed by the SPV manager, consent requirements from the issuing company, rights of first refusal, and limitations on secondary transfers of SPV interests. These restrictions may further limit the Fund's ability to exit a position, extend holding periods, and reduce the availability of secondary-market liquidity that would otherwise exist for a direct holding. There can be no assurance that a liquid market for SPV interests will exist at the time the Fund seeks to dispose of such an investment.
Risk Factors An investment in the Fund involves a high degree of risk and is suitable only for sophisticated investors who can bear the loss of their entire investment. Key risks include, without limitation: (i) illiquidity of private securities; (ii) lack of publicly available financial information; (iii) concentration in the AI sector; (iv) dependence on secondary-market availability for both entry and exit; (v) regulatory uncertainty affecting AI companies; (vi) potential conflicts of interest among AIR, Rainmaker, and their affiliates; (vii) absence of assurance that any portfolio company will achieve an IPO, acquisition, or other liquidity event; (viii) counterparty risk associated with third-party SPV managers and intermediaries; (ix) additional costs and layered fee structures inherent in SPV-based investments; and (x) enhanced illiquidity and transfer restrictions applicable to SPV interests. Prospective investors should review the complete risk disclosure in the PPM.
SEC Registration AIR Asset Management, LLC is registered with the Securities and Exchange Commission as an investment adviser. Such registration does not constitute an endorsement by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. The SEC has not approved or verified the contents of the Materials or the accuracy of any statements made herein. Investors should not interpret AIR's registration status as a recommendation or endorsement of the Fund, AIR's services, or any investment strategy described in the Materials.
Additional Information For additional information about AIR, including its advisory services, fees, conflicts of interest, and disciplinary history, please refer to AIR's Form ADV Part 2A (the "Brochure"), available at www.adviserinfo.sec.gov.
